K2 Group to Open IHOP Restaurants Across Ontario in Franchisee Deal with Dine Brands International
IHOP Belleville - Opening February 2022
Today, Toronto-based K2 Group announces plans to open five IHOP restaurants in Ontario. The first is scheduled to open at the 10 Acre Truck Stop, a landmark location in Belleville, Ontario, at the beginning of 2022. Kailash Kasal, President of K2 Group, entered the non-traditional restaurant franchisee deal with California-based Dine Brands International, a full-service dining company franchising IHOP and Applebee’s restaurants in Canada. The agreement calls for a minimum of five IHOP restaurant openings over the next five years in Belleville, Hamilton, Waterloo, London and Windsor, Ontario.
“We are pleased to push forward with our international expansion plans and believe working with K2 Group creates the perfect opportunity to successfully build and grow our portfolio across Ontario,” says Tony Moralejo, President of Dine Brands International. “We are optimistic that the market is well-positioned to get back to its pre-pandemic growth momentum as we bring jobs, as well as our local and hand-made to order menu items to our Canadian neighbors.”
K2 Group, which holds investments under the umbrellas of hospitality, petroleum, and real estate, acquired the landmark 10 Acre Truck Stop in Belleville in May 2021. Since the acquisition, improvements have already led to increased traffic at the location. The upcoming IHOP opening will further solidify K2 Group’s commitment to serving the 10 Acre truck-driving guests and the community of Belleville, by offering delicious diner-style food at reasonable prices, and keeping the employees who have worked at the location for decades. With CAD $2 million set to be invested into the new restaurant, IHOP Belleville will employ over 60 staff and seat up to 184 guests.
“Having a superb restaurant offering at the 10 Acre Truck Stop is crucial to ensuring our truckers and local customers have a place to come and gather,” says Kailash Kasal. “With more than 25 years in the hospitality business, we’re confident that we will thrive as we work to meet our guests where they are by providing an all-round exceptional experience and, of course, the world’s most famous pancakes.”
"I am excited with the news of this further enhancement to the 10 Acre Truck Stop,” says Mayor Mitch Panciuk, City of Belleville. “K2 Group has already invested significantly in the property, improving service and bringing back many former travellers to this iconic site. The addition of an IHOP restaurant is great news to our truckers and all residents of Belleville, who are thrilled to soon be part of the IHOP Family."
The inaugural IHOP Belleville location will be a one-of-a-kind restaurant and one of the first IHOPs to open in Ontario outside of Niagara Falls. Construction begins in August 2021, with an opening date of February 2022. Details about further locations to come.
About K2 Group
K2 Group is a privately-held fully integrated company that strategically acquires, develops, constructs and repositions hospitality, petroleum and real estate assets throughout Canada. We endeavour to deliver sustained; above-market returns for our investors and partners by facilitating the flow of capital and knowledge to our projects. To learn more, visit k2group.ca
About Dine Brands International
Based in Glendale, California, Dine Brands Global, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under both the Applebee's Neighborhood Grill + Bar and IHOP brands. With approximately 3,450 restaurants combined in 16 countries and approximately 350 franchisees, Dine Brands is one of the largest full-service restaurant companies in the world. To learn more, visit dinebrands.com
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